Modern life increasingly depends on the services of satellites. Whether it be making a long distance phone call, watching breaking television news from the other side of the world, catching the latest weather forecast, the accurate timing of financial services or the navigation of cars, ships and planes, all rely on satellites. As with other elements of our critical infrastructure, the loss of a satellite can have severe consequences.
The first satellite to be insured was underwritten in Lloyd’s aviation market in 1965. Since that time the growth of commercial satellite services such as satellite television, and the increasing requirement for specialist space knowledge, has seen space insurance develop into its own dedicated class of underwriting at Lloyd’s. The Atrium Space Insurance Consortium (ASIC) is recognised as one of the few world-leading providers of this class of insurance.
ASIC was formed in 2007. By matching the skills of an experienced underwriting team with those of a dedicated engineering team with years of industry knowledge and experience, ASIC is able to provide a market-leading service to its clients and brokers. With few satellites or launch vehicles being identical, it is vital that each risk be fully evaluated prior to being underwritten. Ambiguities that remain in the coverage design lead to complications and delays in settling a claim in the unfortunate situation of a loss arising. Collaborating with an insurer with the experience and ability to fully comprehend your requirements and the entrepreneurialism to craft a bespoke coverage design helps minimise the risk that ambiguities can produce.
The Consortium is led by Atrium’s Syndicate 609 but the experienced team is trusted by a further nine Lloyd’s syndicates which have delegated their space underwriting to the Consortium. For the 2017 Year of Account the Consortium has a capacity of USD 42.5m to write on any one satellite or launch. The Consortium provides launch insurance covering the ascent to orbit, deployments, orbit raising, in-orbit testing as well as in-orbit insurance covering the satellite for the on-going perils faced by all space risks.
“Stand-out underwriters in Aviation and Space are defined by their commerciality, client focus and a desire to proactively work with brokers to develop new business…this line is dominated by Atrium” London’s Leading Underwriters 2013
David Wade voted in top 5 Aviation and Space Underwriters in London’s Leading Underwriters; 2013 and 2016
10 Years of ASIC
February 2017 marks the tenth anniversary of the Atrium Space Insurance Consortium (ASIC).
Read the full article here
- 1 Night; 2 Rockets; 106 Satellites.. Read our latest article on the record for the most number of satellites launched on a single rocket (published 15th February, 2017) here
- The Atrium Space Insurance Consortium is the proud sponsor of the award-winning Space Boffins monthly podcast. Download the latest podcast at http://www.thenakedscientists.com/HTML/podcasts/astronomy/space-boffins/
- ASIC attended the 65th International Astronautical Congress in Toronto, Canada in September where we presented two papers in Session D6.3: Insurance and Level of Safety for Commercial Viability.
- Click here to view our presentation paper on All Electric Satellites – Insurance Implications
- Click here to view our presentation paper on Preparing for the Worst: The Space Insurance Market’s Realistic Disaster Scenarios
- ASIC is representing Lloyd’s on the UK Government’s ScienceWise Dialogue project regarding space weather. We would be interested in hearing your concerns about space weather. Take part in the on-line survey at http://talkspaceweather.com/
- ASIC is a member of the Stakeholder Advisory Committee of the SPACESTORM project (see www.spacestorm.eu)
- David Wade spoke at the Westminster Business Forum's seminar on Priorities for Developing the UK Space Sector in March, 2015.
David Wade participated on a panel at the 38th International Electric Propulsion Conference in Kobe, Japan in July, 2015 (see http://www.ists.or.jp/2015/files/2014/03/IEPC_PlenaryPannel_EPInsurance.pdf. )
The conference included a panel on “all-electric” satellites, with David speaking about the insurance implications for such satellites.
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